3 Nov 2011

Collapse of brokerage firm isolated case - Bernanke

11:14 am on 3 November 2011

United States Federal Reserve chair Ben Bernanke says the collapse of a Wall Street brokerage firm is not symptomatic of a broader problem in the financial sector.

MF Global filed for Chapter 11 bankruptcy protection on Monday, making it the first major American casualty from the European debt crisis.

Mr Bernanke says it appears to be an isolated case.

The BBC reports the brokerage has 2000 staff worldwide, including 600 in London.

It sought bankruptcy protection after revealing that it had a £4 billion exposure to eurozone sovereign debt.

MF Global chief executive Jon Corzine is a fundraiser for President Barack Obama.